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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (5820)	8/25/1999 12:46:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Company Watch- BSES Limited bses.com BSES pays its debts According to news reports, BSES, one of India's largest power distribution and generation companies has pre-paid its entire loan outstandings to Indian financial institutions (FIs), with its latest payment of Rs 385 million. Last year, BSES had pre-paid Rs 440 m out of the Rs 1.1 bn loan it had availed for its 500 MW Dahanu project. With the latest pre-payment, the total amount pre-paid in 1998-99 adds up to Rs 1.5 bn. This will significantly reduce the interest burden on the company. Apparently, BSES has put its cash surplus to good use. In 1QFY2000, BSES posted net profit of Rs 850 m (up 11.4% over 1QFY99). Income from EPC contracts continued to post strong growth, with 31% rise over 1QFY99. Interest expenditure was down 23% from Rs 32 m in 1QFY99 to Rs 24 m in 1QFY2000. With interest burden already on the decline in 1QFY2000, BSES's prepayments of FI debt will enable it to cut interest cost even further, making it more cost efficient. Lately there have been rumours that Enron is eyeing a stake in the company. This has fuelled speculative interest in the company's stock, which is primarily why BSES's market capitalisation has doubled over the last three weeks, from Rs 21.4 bn to Rs 31.5 bn! Market View: Impressed with its cost efficient performance so far, and with every possibility of further improvement, analysts have recommended the stock as a 'BUY'. 24 August, 1999 (Quantum Research)

To: Mohan Marette who wrote (5820)	8/25/1999 1:01:00 PM
From: Mohan Marette	Respond to of 12475

Record rally in Bombay market Share prices on the Bombay Stock Exchange (BSE), India's main financial market, reached a record high during trading on Wednesday. Perception that elections would result in stable government Minutes after opening, the stock market index hit 4,834 points, but it later fell back as investors sold to take profits. Share prices on the BSE have risen by more than 50% in the last six months. The BBC's Bombay correspondent says investors are encouraged by predictions that next month's general election will usher in a period of stable government. Bullish report The immediate spark for the stock market rally was the release of the annual report on the country's economy, by the central bank. India's central bank - the Reserve Bank of India - projected an optimistic view of the economy, saying a recovery was underway after two years of slowdown. It forecast that India's Gross Domestic Product would grow by 6.5%. Inflation is at a 17-year low and should remain at current levels of less than 2%, it said.... news.bbc.co.uk